BayCom adding Colorado branches with Grand Mountain purchase
BayCom in Walnut Creek, Calif., has agreed to buy Grand Mountain Bancshares in Granby, Colo.
The $2.1 billion-asset BayCom said in a press release Monday that it will pay $13.9 million in cash for the $131 million-asset Grand Mountain. The deal is expected to close in the first quarter.
Grand Mountain has four branches, $85.6 million in loans and $118.1 million in deposits.
BayCom said it expects the deal to be accretive to its earnings in the first year of combined operations, excluding merger-related expenses. BayCom said the deal should be accretive to its tangible book value in less than three years.
“We are very pleased to have the opportunity to expand our presence in the Colorado market,” George Guarini, BayCom’s president and CEO, said in the release. “Our expanded family will soon have the pleasure of establishing new long-lasting client relationships, enhancing our position in the market and building on an already strong foundation.”
BayCom was advised by Silver, Freedman, Taff & Tiernan. Grand Mountain was advised by Janney Montgomery Scott and Stinson.